Above expectations. IJMP’s 9MFY03/10 core net profit was above our and consensus estimates, making up 80-83% of our and consensus FY03/10 projections. The main differences were: (1) higher-than-expected CPO OER of an estimated 21.6% in 9MFY10 versus our forecasts of 21%; 2) lower-than-expected production costs in 3QFY10, as estimated production costs/tonne declined 16% from 2QFY10, bringing EBIT margin to 43.4% (from 28.9% in 2QFY10) and YTD 9MFY10 EBIT margins to 30.3% (versus our FY10 forecasts of 28%); and (3) lower-than-expected effective tax rate of 26.4% in 9MFY09 (versus our forecasts of 27%). As expected, no dividend was declared during this quarter.
IJM Plantations Berhad : Better Margins In 3QFY03/10 - 01/03/2010
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